Dossett is leaving to persue his own property interests and is to be replaced by Mark Carpenter, who is currently the director of Henderson’s property division.
Carpenter is to take on the management of the New Star UK property unit trust, where he will be supported by director of UK property Marcus Langlands Pearse, as well as the international property fund, where he will be backed by the Henderson international property team.
Dossett agreed to join the combined group in April this year. His departure follows that of New Star international property fund manager and head of global property Stuart Webster who said he would not be joining Henderson at the conclusion of the merger.
Webster remained as an adviser in the short term but has since left the firm.
Carpenter has over 20 years experience in property fund management and has run a number of pension funds and life company property portfolios. He is also deputy chairman of the Henderson property investment committee.
Dossett says: “Mark has a proven and consistent track record and I am confident that his considerable expertise, complemented by the existing Henderson property team, will benefit investors in both the New Star international property Fund and the New Star UK property unit trust.”
Carpenter says: “Having worked closely on the property side of the New Star acquisition, I am looking forward to the prospect of working on these two funds.
“Regarding the New Star UK property unit trust, there are some promising signs that the UK commercial property market is close to bottoming. Yields on prime properties have stopped widening and in some cases have begun to narrow as buyers gradually return to the market. This is reflected in the fund, which reported its first positive portfolio valuation at the end of June since mid 2007 and has a current yield of 6.1 per cent.
“Our overriding priority for the New Star international property fund is to build up a sufficient level of liquidity to be able to reopen the fund for dealing. However, we are mindful of achieving fair value for the assets and will not, therefore, dispose of assets below what we consider to be fair value.